Cavco Industries (NASDAQ:CVCO) Upgraded at Zacks Research

Zacks Research upgraded shares of Cavco Industries (NASDAQ:CVCO) from a hold rating to a strong-buy rating in a research note released on Wednesday,Zacks.com reports.

CVCO has been the topic of a number of other reports. Wedbush restated a “neutral” rating and issued a $550.00 target price on shares of Cavco Industries in a report on Monday, August 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cavco Industries in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $550.00.

Cavco Industries Price Performance

Shares of CVCO opened at $576.43 on Wednesday. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of 24.99 and a beta of 1.21. Cavco Industries has a 1 year low of $393.53 and a 1 year high of $602.57. The business’s 50 day simple moving average is $549.14 and its 200-day simple moving average is $491.28.

Cavco Industries (NASDAQ:CVCO) last posted its earnings results on Thursday, October 30th. The construction company reported $6.55 earnings per share for the quarter, beating analysts’ consensus estimates of $6.30 by $0.25. The firm had revenue of $556.53 million during the quarter, compared to analyst estimates of $542.92 million. Cavco Industries had a net margin of 8.99% and a return on equity of 18.52%. On average, sell-side analysts expect that Cavco Industries will post 21.93 earnings per share for the current year.

Insider Activity at Cavco Industries

In related news, Director Susan L. Blount sold 2,500 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $519.30, for a total value of $1,298,250.00. Following the sale, the director directly owned 3,126 shares of the company’s stock, valued at $1,623,331.80. This represents a 44.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Paul Bigbee sold 300 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $530.45, for a total value of $159,135.00. Following the transaction, the chief accounting officer owned 774 shares of the company’s stock, valued at $410,568.30. This trade represents a 27.93% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 5,600 shares of company stock worth $2,820,884. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Cavco Industries

A number of large investors have recently bought and sold shares of the business. Salomon & Ludwin LLC purchased a new stake in Cavco Industries in the third quarter worth $31,000. Farther Finance Advisors LLC grew its holdings in shares of Cavco Industries by 151.4% in the second quarter. Farther Finance Advisors LLC now owns 88 shares of the construction company’s stock worth $38,000 after purchasing an additional 53 shares during the last quarter. Osaic Holdings Inc. increased its stake in Cavco Industries by 118.2% in the 2nd quarter. Osaic Holdings Inc. now owns 120 shares of the construction company’s stock worth $57,000 after buying an additional 65 shares during the period. Parkside Financial Bank & Trust lifted its holdings in Cavco Industries by 1,814.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 134 shares of the construction company’s stock valued at $58,000 after buying an additional 127 shares in the last quarter. Finally, Mather Group LLC. bought a new stake in Cavco Industries during the 3rd quarter valued at about $63,000. Hedge funds and other institutional investors own 95.56% of the company’s stock.

Cavco Industries Company Profile

Cavco Industries, Inc designs, produces, and retails factory-built homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its factory-built homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry, and Solitaire brands.